A personal guarantee in Alberta is a personal promise to make good on a loan or other obligation given by another person or a corporate entity. While some people think that a personal guarantee is a rubber stamp for getting a loan, it can have severe consequences. This is why the Alberta government requires a Guarantees Acknowledgement certificate. The lawyers at YYC Lawyers can help with personal guarantees.
For a personal guarantee to be effective, the Guarantees Acknowledgement Act mandates that both a lawyer and the person giving the guarantee must sign the personal acknowledgement certificate. This is the law in Alberta to protect people. By personally guaranteeing something, a person is losing the protection and/or creating a personal obligation that can have severe personal consequences. Only a lawyer can give legal advice to a person so that they are aware of the legal consequences of signing.
At YYC Lawyers, we have a wealth of knowledge and years of experience ready to inform our advice to you on any guarantees or legal matters.